Bio-Ethanol Agro Industries IPO : Files DRHP with SEBI

by khalid on 09/03/2011 · 0 comments

Bio-Ethanol Agro Industries Limited has informed the share market(BSE/NSE) that they have planning to enter capital markets with its maiden public issue of 9,6950,000 equity shares of Rs 10 each constituting 28.76% of post-paid up capital of the company. The company has filed a Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) for the same. The premium to be decided via 100% book building process. The IPO price band has not been decided yet. The company would raise Rs 62 crore through this IPO. Andhra Pradesh-based Bio Ethanol Agro is into manufacturing, processing, fabricating and trading in all kinds of ethanol.

The proceeds of the IPO amount would be used by the company to manufacture 60 Kilo Litre Per Day (KPLD) of Extra Neutral Alcohol (ENA); 44 TPD of Distillers’s Dried Grains with Solubles (DDGS); 4 KPLD of Technical Alcohol (or Rectified Spirit); 30 MPTD of CO2 and two captive power generation plants with installed capacity of 1.5 MW.

Promoters of the company are A. Veerabhadra Rao and Venkata S. Meenavalli. Currently, promoters and promoter group together hold 52.99% stake in the company.

The Equity Shares are proposed to be listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE).

The Sole Book Running Lead Manager to the issue is Almondz Global Securities Limited.

Registrar of the Issue : Bigshare Services Private Linited, Mumbai.

Stay tuned to BelltheBull Blog for more on Bio-Ethanol Agro Industries IPO !

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